SEOUL : A majority of the Bank of Korea's board members think the priority should be quelling inflation but that the pace of further rate hikes should be carefully managed to minimize the impact on economic growth, minutes showed.
"Although stronger inflation will continue for the time being, the pace of future interest rate hikes should be carefully managed to minimize its negative impact on growth as global demand has already begun slowing," one board member said, according to the minutes of May 26 rate decision meeting. The Bank of Korea on May 26 raised its benchmark policy rate by a quarter of a percentage point to 1.75 per cent, the highest since mid-2019, delivering back-to-back interest rate hikes to wrestle consumer inflation down from 13-year highs.
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